Bankman-Fried was arrested in the Bahamas and charged with fraud and other crimes last week after FTX collapsed. The FTX co-founder agreed to be extradited from the Bahamas to the U.S.
Bankman-Fried will travel to the U.S. said Doan Cleare, the acting commissioner of corrections for the Bahamas Department of Correctional Services. Bankman-Fried, 30, was accused of misappropriating billions of dollars deposited in FTX, a huge cryptocurrency exchange that collapsed in November.
He was indicted by a U.S. federal court on charges of fraud, money laundering and campaign finance offences were unsealed the next day. He is also accused of making “tens of millions of dollars in illegal campaign contributions” to both Democratic and Republican candidates and campaign committees, prosecutors say.
The alleged fraud against customers began in 2019, the Justice Department has said.
According to Gretchen Lowe, the acting director of the Commodity Futures Trading Commission’s Enforcement Division, customer losses was more than $8 billion.
FTX was reportedly valued at $32 billion and seen as the face of the industry. The MIT-educated Bankman-Fried had been hailed as a kind of crypto poster boy.
Bankman-Fried’s lawyers had reported they would fight the extradition.
In the U.S., Bankman-Fried can request that he be released on a bail, a request that was denied by a Bahamian judge.
Bankman-Fried faces a life sentence if convicted.
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